Spinal Muscular Atrophy Market Forecast Booming by Size, Revenue, Trend and Top Growing Companies 2023
The global spinal muscular atrophy market witnesses substantial competition with the presence of a considerable number of market participants of varying sizes, says Transparency Market Research (TMR) in a new market study. Savvy players are engaged in developing novel drug formulations, the success rate of which impacts market share, and trust of these companies among consumers. For such initiatives, large players are partnering with regional companies to leverage the technological and research capabilities of the latter. The partnering of Cytokinetics Inc. with a Japanese company to develop a novel drug for spinal muscular atrophy is a case in point.
Apart from this, players in the spinal muscular atrophy market work closely with medical professionals to stay updated for therapeutic requirements from the medical consultant’s point of view. This helps keen players garner larger share in the spinal muscular atrophy market.
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Some key companies operating in the global spinal muscular atrophy market include AveXis Inc., Ionis Pharmaceuticals Inc., Cytokinetics Inc., F. Hoffmann-La Roche AG, and Novartis AG.
In terms of geography, North America holds prominence in the global spinal muscular atrophy market. The demand in the region stems from vast clinical research for spinal disorders in the U.S. In the U.S. and in parts of Europe, clinical research for pipeline drugs for spinal muscular atrophy receive tax rebates, thereby boosting the spinal muscular atrophy market in North America and Europe.
Onus of Governments to provide Therapeutics for Rare Diseases boosts Growth
Worldwide, governments take the onus to provide the highest standard of healthcare to the population. Governments, especially in developed countries that have substantial funds, make efforts for clinical research for therapeutics of rare diseases. The successful outcomes of such initiatives become patent, and are then sold to pharmaceutical companies and medical device manufacturers to improve therapeutics. Such initiatives for therapeutics of spinal muscular disorders is providing tailwinds to the global spinal muscular atrophy market.
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In pharmaceutical research, drugs for spinal muscular atrophy is a key focus area. Spinal muscular atrophy disorder lacks availability of treatment, with the presence of only a handful of advanced drugs. There lies huge gap in the availability of treatment for spinal muscular atrophy to fulfill the demand. As stated in a journal by CureSMA, almost one in fifty people carry the faulty spinal muscular atrophy gene. Such estimations are provided based on a sample population, hence, the total number of individuals carrying spinal muscular atrophy genes can be much higher. This serves to provide immense opportunities for companies in the spinal muscular atrophy market.
Stringent Regulations to receive certification for Commercialization hinders Growth
Owing to several factors such as favorable regulations, competitive intensity, drug pricing, and population, developed countries are coming up as key centers for spinal muscular atrophy research. However, stringent regulations for the commercialization of treatment of rare diseases is holding back the growth of spinal muscular atrophy market to some extent.
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Nevertheless, such restraints are not likely to prevent the market from prospering. In the U.S. and in parts of Europe, governments have already identified spinal muscular atrophy as an orphan drug. As such, government funds for this category are likely to increase accordingly.
